Bank of Derma (Derma, MS)

Episode Information

Episode UID
85029771573
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8502977 routing
Routing Number
85-0297
Start Date
January 2, 1931
Location
Derma, Mississippi (33.856, -89.285)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
baddca94ed3a3076

Response Measures

None

Description

Reports state withdrawals caused five Mississippi banks to close and that closed banks were taken over by state authorities.

Events (2)
1. January 2, 1931 Run
Cause Details
Heavy depositor withdrawals (panic) prompted by unspecified triggers affecting multiple local banks.
Measures
None reported; withdrawals led to closure.
Newspaper Excerpt
Withdrawals by depositors today caused five Mississippi banks to close their doors.
Source
newspapers
2. January 2, 1931 Suspension
Cause Details
Bank closed/suspended due to heavy withdrawals by depositors; reports indicate state takeover of closed banks.
Newspaper Excerpt
Five Mississippi banks to close their doors... Bank of Derma, with deposits of $50,000 and $10,000 capital.
Source
newspapers

Newspaper Articles (3)
1. January 3, 1931 The Morning Union Springfield, MA
Article from The Morning Union, January 3, 1931

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Article Text

Affairs of New York Bank "Scrambled." NEW Jan. termingled financial affairs corporations of the closed Bank of States today hearing on affairs of the corporations. Carl repres ntative the hearings for Joseph E. Broderick, state banks closed the institution 11. of. fered comment on the after chairman mittee, testified the financial ture the four Singer deall four were solvent. The which. went into last are the of New City Financial the cipal Fanancial Corporation and the Bankus After long involved for the asked Singery man shares he 56 made up of one share Bankus and Bank of United States. that right?' that's right," the witness replied. In to question as to how much had raised for the corporations and then additional been rowed, total of Banks Close Withdrawals by today the for the closing of five taken over by state and The closed the First Na. were Bank of Pontotoc, capital of $125,Bank $534,000 and stock $100,000; Citiat Winona, deposits $260,000 $25,000; Bank of Blue Mountain with deposits and capital Bank Derma deposits of and $10,000 capital. Arkansas Banks Reopen. ROCK Ark., Walter the reopening of Those reopening are: The Eudora Bank the closed dora Bank and Trust Company EuSalem and the Farmers' Bank Alabama Bank Closed. MONTGOMERY Jan. Dent F. banks, announced late today People's Bank had Capital stock was listed at with surplus $3000. Deposits on Nov. 1930, $61,880.

2. January 3, 1931 The Burlington Free Press Burlington, VT
Article from The Burlington Free Press, January 3, 1931

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Article Text

FIVE MISSISSIPPI BANKS ARE CLOSED today given the reason for the closing five banks taken by State and federal The closed banks were the First National Bank Pontotoc, with posits $600,000 capital stock Bank stock Citizens Bank deposits 000 and capital Bank Derma deposits of $50,000 and capital.

3. January 3, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, January 3, 1931

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Article Text

LOCAL MARKETS Butter, and Ess Co.) candled colored Leghorn colored (up to lbs.) Stags lbs. Roosters Ducks 10c Butter Fruits and Vegetables. Quota Co. 88 Arkansas Blacks. 138 Rome Beauty fancy, bushels bushels Flemish extra fancy 2.75 Beauty, fancy. 110-120-135s extra Oranges. 126 Oranges, bushels Oranges. special Cranberries. Rhubarb. Canadian. 100 Tomatoes. Fla crate Cabbage. per 100 Brown Beauty 100 lbs. 100 round sweet. per bushel Onions. pounds Parsley dozen Lettuce dozen dozen Bank Suspensions. JACKSON. Miss., Jan. 2 (AP) Withdrawals by depositors today caused five Mississippi banks to close their doors. Combined deposits affected in the national bank, approximated The closed were the First National Bank of Pontotoc, deposits of $600,000 and capital stock of $125,000 Bank of Pontotoc, deposits. $534.000 and capital stock, $100,000; zens bank. deposits, $260.000 and capital $25,000; Bank of Blue with deposits of $179,000 and capital, Bank of Derma, with deposits of $50,000 and $10,000 capital. LITTLE ROCK, Ark., Jan. (AP) State Banking Walter E. ylor announce today the reopening of three banks. closing of one and suspension of another Those reopening were the Eudora bank as successor the closed Eudora Bank and Trust company, at Eudora: Bank of Salem. reorganized at Salem, and the Farmers bank, at Closing of the Interstate National bank at and suspension for five days of the Bank of Marvell, at Marvell. left Phillips county without a banking institution. MONTGOMERY, Ala., Jan. 2 (AP) Dent Green, of banks. announc late today that the Peoples bank, of had its doors. Supt. Green was informed by President W. Rudder that bank been today upon approval of the board of directors, asked that state banking department take over the firm's affairs. Capital stock was listed at $15,000, with surplus of Deposits on Nov. 20, 1930, were $61,880. Supt. Green attributed the bank's